The Corner, a 111-unit mixed-use apartment building planted on the former Tiger Stadium footprint at Michigan and Trumbull in Corktown, has officially hit the market. The four-story complex pairs studio, one- and two-bedroom rentals with ground-floor retail and first welcomed residents in 2019.
Local brokers have teamed up with national brokerage Marcus & Millichap to bring the property at 1620 Michigan Ave out as a request-for-offer. According to Marcus & Millichap, the asset includes roughly 111 residential units stacked above about 26,000 square feet of street-front retail, totals around 114,300 gross square feet, and is currently operating at about 84 percent occupancy.
As Crain’s Detroit Business reports, citing CoStar data, the apartment mix leans small and efficient: about 60 studios averaging 441 square feet at roughly $1,161 in rent, 42 one-bedrooms averaging 757 square feet at about $1,647, and nine two-bedrooms averaging 1,219 square feet at around $2,342. Crain’s also notes that the asking structure is undisclosed and that brokers are squarely targeting investors.
What the sale covers
The Marcus & Millichap listing covers the mixed-use building and its retail storefronts but does not include the Corner Ballpark or the neighboring for-sale townhomes. The Corner development and the PAL ballfield opened in 2018–19, and a separate “Towns at The Corner” phase brought for-sale units to the site, as detailed by Ballpark Digest.
Why investors are watching
According to Crain’s Detroit Business, several major Detroit apartment properties have quietly tested the market in recent months, a sign that owners and buyers are feeling out pricing on larger, metro-scale trades. In Corktown, the sale of a prominent mixed-use address sitting right across from the PAL ballpark is likely to draw close scrutiny from landlords, retailers, and anyone betting on the neighborhood’s future…